Real Estate is selling its 50% stake in Warburg-Henderson, a joint venture it set up with German bank MM Warburg & Co in 2001.
HIH Hamburgische Immobilien Handlungβs has purchased the stake, bringing to an end the 14-year affiliation.
said it will continue to manage assets and funds under a long-term contract for the company, which will be renamed .
In Germany, TH Real Estate said it will continue to expand its Spezialfond business. The sale of its stake in Warburg-Henderson, which has β¬4.7bn in assets under management, removes βcompetition conflictβ, it said.
TH Real Estate said it will be the new companyβs preferred asset manager outside Germany and will continue to use the IntReal service KVG subsidiary, which administers German-regulated real estate funds.
βAs a strategic partnership, Warburg-Henderson is a success story,β said Timothy Horrocks, head of Germany at TH Real Estate.
βWe look forward to working with HIH and exploiting the new perspectives in order to add new chapters to it as a European asset manager.β
The new investment management firm will have more than β¬10bn in assets under management.
The sale is expected to close by the end of the month.
